There is a news that Cabinet in Punjab has approved levy of tax on sugar @ 5.5%. Earlier only on the sugar imported from outside Punjab except the levy sugar(levy sugar means on which additional excise duty is paid) was subjected to tax @ 5.5. It now seems from the news as being published in Times of India that tax @ 5.5% has been imposed on all types of sugar.

Desperate to improve its poor fiscal health and meet the target of raising Rs 3,100 crore to meet its expenses, the state government has also approved to now levying 8% lumpsum tax instead of 12.5% VAT besides 10% surcharge on the mobile phone including all its parts and accessories such as head phone, data cable, mobile charger, memory card, ear phone, audio device, mobile cover, mobile battery, Bluetooth and mobile holder. Cabinet also gave approval to amend the notification regarding lubricants on which VAT at the rate of 12.5% was being charged, to now incorporate words 'transformer oil' or 'rubber processing oil' besides all types of processing oils and fluids. This decision would likely to generate additional revenue of Rs.15 crore annually by plugging the leakage of tax.VAT on sugar has been withdrawn w.e.f 03-09-2012 see the public notice by clicking herebelow:Public Notice

WARNING

Nobody is permitted to copy or publish the articles existing on this blog on any website or on any other media without my express permission.

Total Pageviews

Disclaimer

No one is responsible for any claims if somebody finds that the information/opinions provided in this blog is incorrect and the blog is meant only to share knowledge and exchange views in a meaningful manner.